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DURHAM, N.C., Aug. 16, 2017 /PRNewswire/ -- MGT Capital Investments, Inc. (MGTI) announced today a corporate restructuring designed to better compete and align resources in the fast-growing Cryptocurrency and Cybersecurity fields. In conjunction with this reorganization, the Company has appointed Stephen Schaeffer as President of MGT Crypto-Capital Strategies. Under Mr. Schaeffer's oversight, the Company has been operating an institutional bitcoin mining platform for the past year. MGT is currently in the process of deploying additional hashing power at facilities in Washington state to bring production to 18.0 PH/s. In addition to his time with MGT, he traces his knowledge and experience to the early days of bitcoin.
The financing consists of a $1.35 million 10% convertible note (convertible at $1.05 per MGTI share) issued to a single institutional investor. In conjunction with the note, the Company also issued the investor 1.2 million warrants with an exercise price of $1.05 per MGTI share. The proceeds of the financing, along with Company cash reserves will allow MGT to purchase 1,000 Bitmain Antminer S9 computers and associated power supplies.
Research from cybersecurity firm McAfee says Lavigne was the most likely celebrity to land users on websites that carry viruses or malware. Yahoo Finance’s Alexis Christoforous, Rick Newman, and Justine Underhill explain how Lavigne got the title.